EMEA News
Force Majeure Ends on Libyan Crude Exports
Friday July 10, 2020
The force majeure restrictions imposed on Libyan crude oil exports earlier this year have ended, according to price reporting agency Argus Media.
Blockades have stymied Libyan crude production and exports since January during the country's ongoing military struggles.
Force majeure at the key oil export port of Es Sider was lifted as of July 8, Argus reported Friday, citing Libya's National Oil Company.
The absence of Libyan crude is likely to have raised Mediterranean very low sulfur fuel oil prices relative to other regions in the first half of this year. Libyan crude produces a high yield of the middle distillate components used for low-sulfur marine fuel blending.
